Tires Plus Absolute NNN Lease | Dense Population of 200K+ within 3-Miles

2215 SW 122nd Ave, Miami, FL 33175, USA
$2,780,720

Description

Marcus & Millichap is pleased to present this Absolute Net Leased Tires Plus located at 2215 SW 122nd Avenue, Miami, Florida. The subject property consists of a 7,512 square foot freestanding building on a 0.6- acre parcel of land. Strategically located at Coral Way and SW 122nd Avenue in Las Americas V Central Plaza, the building has complete street-level exposure to approximately 28,500 vehicles per day and accessibility to 64,500 vehicles per day through the power center.
The property has multiple points of ingress/egress, with turn divisions for both directions of traffic on SW 122nd Avenue and two signalized entrances to the power center on Coral Way. Las Americas V Central Plaza has approximately 2,328,000 visits per year. The build-to-suit construction began in 2002, and Tires Plus rent commenced in 2004 upon delivery of improvements, with a 20-year absolute net lease expiring in 2024.
Located within the city of Miami, the property offers access to dense urban infill demographics, with a population of 200,296 and an average household income of $77,472 within a three-mile radius. Florida International University is less than 1-mile away, with a student population of over 50,000.
Xcelco LLC has operated this Tires Plus store for over 17 years and did not receive any rent concessions during the COVID-19 pandemic. Tires Plus was acquired by Bridgestone Retail Operations (BSRO) and as more than 5,000 teammates working in 400+ stores in 23 states. BSRO, a subsidiary of Bridgestone Americas, Inc., operates the largest network of company-owned automotive service providers in the world — nearly 2,200 tire and vehicle service centers across the United States — including Firestone Complete Auto Care™, Tires Plus™, and Wheelworks™ store locations.

  • Absolute Net Lease – No Landlord Responsibilities
  • Tires Plus has 400+ stores in 23 states
  • Outparcel to Busy Supermarket and University Anchored Power Center
  • Full Street Level Visibility to 28,500 Vehicles Per Day
  • Multiple Points of Ingress/Egress with Turn Divisions for Both Directions of Traffic on 122nd Ave
  • Adjacent to Sedano’s Supermarket, AMC Cinemas, Chevron, and BB&T
  • Access to Dense Population of 200K+ within 3-Miles
  • Outparcel to Power Center Situated on Signalized Hard Corner with Heavy Traffic of 64,500 VPD
  • Strong Tenant Mix Including Marshall’s, Florida National University, Sedano’s Supermarket, and Many More
  • Nearby Florida International University 50K+ Students
  • 2.5% Annual Rent Increase in Lease Term & Option Period
  • Bridgestone Retail Operations (BSRO) owns Tires Plus and 2,200 locations — including Firestone Complete Auto Care™, Tires Plus™, and Wheelworks™
  • Florida is an Income Tax-Free State | Auto Repair is Essential Retail

Property Documents

  • City: Miami
  • State/county: Florida
  • Zip/Postal Code: 33175
  • Country: United States

Detail

  • Price: $2,780,720
  • Year Built: 2004

Additional details

  • CAP RATE: 6.25%
  • NOI: $173,796

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